You required some funds urgently and contacted a licensed moneylender near you for a quick cash loan. You fulfill all the eligibility criteria such as having a steady job, age factor, and also have submitted all the relevant documents.
After having several negotiations with your legal money lender, you finally obtain a personal loan at a reasonable rate of interest and also get a flexible repayment plan. The processing fee charged is sensible too. From there you can calm down and make the most of the cash loan as considered necessary. This loan will help you address your urgent financial obligation with ease and convenience.
It is important that you are clear about your role in this process and whether everything ends when you start making your prompt repayments on the scheduled dates. To make certain the relationship with your certified money lender works smoothly, you need to adopt a few safe practices.
Be sure you understand all the possible ways you can maintain your loan account to help avoid troubles in future. If you have in the recent times made use of a personal loan issued by a licensed money lender in Singapore, use the following ideas to help you maintain your loan account in the best shape possible.
Confirm The Amount Of The Loan
Once the legal loan amount you had requested has been approved by a licensed money lender company, it is your work to make sure that the principal loan amount is clearly stated in the loan contract. Also, ensure you get the same amount indicated either in your account or in ready cash. The legal money lender is only supposed to withhold a processing fee of up to 10% of the principal of the amount extended to you as a loan.
Tip: when you get your loan cash, make sure you tally the bills, either in cash or in your account to make certain it is equal to the principal or the basic loan value less the processing fees.
Make Sure You Get Signed And Dated Receipts
Once you start paying the repayment sum, which is usually interest plus principal for each month. Always make sure your licensed moneylender has issued you with a dated and duly signed receipt for all of such transactions. When your money lender fails to give you one, be sure to ask for it for every instalment and for cash fees.
Tip: take time to confirm that your name, amount repaid and date are filled out correctly on the receipts for all transactions.
Carefully Follow Your Repayment Schedule
Commit to memory the repayment plan of your unsecured loan contract. This is because when you miss one repayment deadline, you might end up getting charged additional fees for late payment. Delayed payments may also result in you getting additional late fees on interest. When it happens you have missed a deadline, be sure to pay the instalment at the earliest time possible.
Tip: Put sticky notes on the instalment due date in one place you are more likely to see them. You may also set up email and mobile alerts to remind you the due dates thus make sure you have paid monthly instalments on time.
Make Sure You Get Accurate Loan Account Statements
Given that you have been dealing personal loans for a longer period, always make sure the money lending company prepares as well as sends you a correct statement of account. The general time period for which you should be receiving a statement is after every 6 months.
In case there is any inaccurate data on the loan statement you receive always take time to contact the money lender to have it corrected immediately. This way you will avoid the problem from getting more complex and it may cost you. An example is having a wrong calculation on your outstanding loan. Get this sorted out as soon as you notice the error to help make the loan process smooth and hassle-free.
Once you get the accounts statement, take time to go through each of its contents to make sure that all the details included are correctly mentioned. You should make sure you check your name to be correct and well spelt, date, paid instalments with dates, principal amount, late payment charges and interest rate charges, as well as the outstanding balance.
Tip: It is better and advisable that you confirm these details with your money lender during the signing of contract stage. Also, ask them to make sure whether they are ready to keep sending you a statement of accounts at the usual intervals.
Safeguard Loan Documentation
One very important thing that you need to always remember is to keep all your documents. This includes all the payment receipts that are related to the loans you are servicing in separate folders.
Always make sure you keep your records updated for any transactions you make with your licensed money lender. These files are very important as they can act as your proof of all the loan transactions, should there be any issues concerning your repayments and any fees involving you and your private legal money lender.
Tip: it is recommended that you keep these documents even after you have repaid your loan in full, because you may never know when you may well possibly need them. These documents may possibly be used as reference points for some of your future loans.
It is important that you are clear about your role when taking out a loan and whether everything ends when you repay on scheduled dates. Ensure you understand all possible ways you can maintain your loan account to help avoid troubles in future.
When you get your loan cash, make sure you tally the bills to confirm it as stated in the loan contract. Ensure you receive receipts accurately filled every time you transact. Remember to always pay the monthly instalments on time to avoid getting late repayment penalties. And finally, safeguard all your documents for the loans you are paying even after the debt is settled.